The State Bank of Vietnam’s recent dispatch 4695 to the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade underscores the government’s and Prime Minister’s directives on foreign exchange and gold market management.

This directive highlights the importance of ensuring macroeconomic stability, curbing inflation, and proactively addressing the dynamics of the foreign exchange and gold markets.

The directive emphasizes the need to implement the resolutions of regular government meetings, directives, and official telegrams aimed at strengthening measures to manage the gold market.

The State Bank of Vietnam has been tasked with leading and coordinating with relevant agencies and localities to deploy solutions that ensure macroeconomic stability and effectively manage the foreign exchange and gold markets.

In this regard, the State Bank of Vietnam has called upon the ministries of Public Security, Finance, and Industry and Trade to collaborate in implementing these directives.

Specifically, the State Bank of Vietnam has requested the three ministries to work in conjunction with relevant authorities to bolster market management.

This includes urgently implementing prescribed measures to address violations of the law in business activities related to foreign exchange and gold services.

Of particular concern are activities such as foreign currency exchange, one-way money transfers from Vietnam to foreign countries, and gold bar buying and selling by unlicensed stores.

Furthermore, organizations engaged in buying and selling gold, especially gold bars, have been urged to strictly adhere to electronic invoicing in their transactions. This measure is intended to enhance transparency and efficiency in gold trading.

Additionally, these entities are expected to be closely supervised to ensure the safe and effective operation of the gold market.

Coordination among the involved ministries is also crucial in providing information on cases of smuggling and illegal transportation of foreign currency and gold across borders.

This information will enable the State Bank of Vietnam to promptly implement an effective foreign exchange and gold market management plan.

The dispatch underscores the Vietnamese government’s commitment to maintaining a stable economic environment and ensuring the proper functioning of the foreign exchange and gold markets.

By issuing these directives and calling for coordinated action among relevant ministries and authorities, the State Bank of Vietnam aims to address challenges in these markets and uphold regulatory compliance.

Effective management of the foreign exchange and gold markets is essential for safeguarding Vietnam’s economic stability and fostering a conducive environment for trade and investment.

The State Bank of Vietnam’s proactive approach in issuing directive 4695 reflects its commitment to addressing issues related to market management and regulatory compliance.

In conclusion, the recent dispatch from the State Bank of Vietnam signals a concerted effort to strengthen measures for managing the foreign exchange and gold markets.

By calling for coordinated action among relevant ministries and authorities, the State Bank of Vietnam aims to ensure macroeconomic stability, curb inflation, and effectively manage these critical financial markets.

This proactive approach underscores the government’s commitment to upholding regulatory compliance and fostering a conducive environment for economic growth.